Tashkent, Uzbekistan (UzDaily.com) -- Opportunities for building up partnerships with one of the largest companies in the Russian Federation were discussed.

At the Uztekstilprom Association, negotiations were held between the management of the Russian company AFK Sistema headed by Managing Director Leonid Petukhov and the First Deputy Chairman of the Uztekstilprom Association D. Vakhabov.

Joint Stock Financial Corporation "Sistema" was founded in 1993. Today it is one of the backbone companies in Russia and the largest public companies in the world, according to the Forbes Global 2000 rating.

AFK Sistema began its investment activity more than 25 years ago with the acquisition of the first assets in the field of telecommunications, electronics, tourism, trade, oil refining, construction and real estate. The corporation is one of the top 20 largest companies in Russia, invests in new and innovative sectors of the economy of the Russian Federation and other countries. The Corporation effectively uses equity and attracted capital to develop its assets.

The Russian side was provided with information on the economic reforms being carried out in the republic, as well as the achievements and potential of the textile industry of the republic. The importance of maximizing the use of existing opportunities for the further development of trade, economic and investment ties between the business circles of the two countries was noted.

According to the information provided, Sistema is a diversified one and its main activity is related to the implementation of projects in the field of energy, as well as the production and trade of textile products. As noted, today the main partners in the textile sector are manufacturers from China and Bangladesh. Also, the company purchases Uzbek cotton yarn through other Russian suppliers.

Considering that the company is switching to a “quick tailoring” system, there is a willingness to place direct orders in Uzbekistan (cotton yarn, fabrics, finished textile goods). In this regard, L. Petukhov stressed the interest of the Russian side also in the creation of new production facilities in Uzbekistan.

In this context, an agreement was reached to organize a visit to Uzbekistan by a group of experts from the company at the beginning of November this year to conduct appropriate negotiations in order to identify new partners and study the possibility of creating projects for weaving, dyeing and garment production.

Representatives of the Russian company plan to visit Samarkand to get acquainted with the potential, capabilities, production process, as well as conduct negotiations in the B2B format with textile enterprises of the region on further cooperation and delivery of finished textile products to the Russian market.